Finastra announced the completion of a Swiss Interbank Clearing (SIC) instant payments readiness project.
Using Finastra’s cloud-based Service Bureau offering, Swiss banks can seamlessly transition to facilitating instant interbank payments.
It is expected that the 50 largest banks must be able to facilitate instant interbank payments in Switzerland and Liechtenstein by August this year. All active participants in the Swiss customer payment transactions system via SIC are expected to be capable of processing incoming customer payments instantaneously by the end of 2026.
Finastra’s 24/7 instant payment service, already being used by several banks, includes real-time sanctions screening, with transactions processed in seconds. Finastra will continually evolve the service, allowing banks to respond quickly to changing customer, industry and regulatory demands.
“Finastra is helping banks implement instant payments in the most seamless and cost-effective way using the latest technologies to deliver robust sanctions screening and fraud prevention,”
said Andreas Helbling, Country Head Switzerland, Financial Messaging Marketplaces at Finastra.
“Facilitating connectivity to SIC Instant Payments, and any critical payments infrastructure of this kind, reflects our commitment to supporting banks on their broader payment modernization journey – helping them to work in a more agile way and deliver value-added services to customers.”
SIC5 is developed by the Swiss National Bank (SNB) and SIX. It is based on the ISO 20022 messaging standard which Switzerland has been using for several years. The standard helps facilitate interoperability and cross-border transactions, also giving Swiss banks the opportunity to implement international payment capabilities in the future.
Featured image credit: edited from freepik
